Historic Gold & Silver Price Crash Rocks Indian Markets
Historic Gold & Silver Price Crash Rocks Indian Markets
TVS Report, 01 Feb : India’s gold bull run came to a sudden halt as prices plunged sharply over the past two days, marking one of the biggest corrections ever seen in the domestic bullion market.
After recording a strong rise of nearly 32 percent in January, 24-carat gold witnessed a steep fall, with prices dropping by more than ₹1.8 lakh per 100 grams. This dramatic decline is being described as the largest two-day fall in the history of gold prices in India.
The downturn was not limited to gold alone. Silver prices also suffered a major setback, sliding nearly 20 percent within just 48 hours. This sharp correction followed a massive rally earlier in the month, during which silver prices had surged by around 71 percent.
Why Prices Crashed
Market experts attribute the sudden sell-off to weakness in global precious metal markets. International spot gold slipped below 5,000 dollars per ounce amid growing expectations that the US Federal Reserve may keep interest rates higher for a longer period. The stronger US dollar resulting from this outlook added pressure on safe-haven assets such as gold and silver.
Current Prices and Market Trends
On January 31, gold prices in India declined significantly. The rate of 22-carat gold fell to around ₹1,47,200 per 10 grams, while 24-carat gold dropped to nearly ₹1,60,580 per 10 grams. Prices of 18-carat gold also registered a noticeable decline. On a larger scale, 100 grams of 22-carat gold was trading much lower compared to levels seen earlier in the week.
Silver prices also saw a steep correction, with one kilogram of silver trading close to ₹3,50,000. The fall was influenced by weak global cues and continued strength in the US dollar.
What It Means for Buyers and Investors
Despite the sharp fall in prices, domestic gold premiums remain relatively high, indicating steady investment interest in the market. Buyers and investors are now closely watching price movements to assess whether the current decline offers a fresh buying opportunity or if further volatility lies ahead as global economic factors continue to influence bullion markets.
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